“There are a lot of things happening when we talk about Fintech evolution. Building data is crucial and whoever has access to the data and consumer landscape can make disruption. If you get access to that financial transaction data, without really have to spend a lot, most of the business case in the market can get disrupted. So I believe that IP driven data is key for the disruption.”- Visham Sikand
The revolution of technology has led us to the creation of new business models. Change in the existing business models and creation of new models as well. Technology has literally changed every aspect of the way businesses operate at a fast pace. To discuss how your business can keep it up with changing technology trends, the panel had the stalwarts from the domain- Muzammil Patel, Managing Director, Acies Consulting; Visham Sikand, Founder, Goals 101 ; Ajay Lakhotia, Founder, StockGro; Amit Dhakad, CEO, CTO & Co-Founder, Market Pulse, and Kartik Radia, Managing Partner, Mazars India LLP (Session chair).
When asked about changing landscape of the fintech revolution, Muzammil said, “what essentially happening is people who are specialized at are disaggregating away from a larger Enterprise and creating that specialization. I think it’s just beginning. There’s a much longer way to go. When this disaggregation starts happening and customers are looking for Specialized Service over a period of time, they will want a lot of these Services integrated back and it’s unlikely that this integration back, we’ll go back into very large, huge Banks, huge organizations again, you will start seeing a lot more open standards for communication or talking across these Technologies.”
Explaining the role of data in fintech, Visham expressed, “There are a lot of things happening when we talk about Fintech evolution. Building data is crucial and whoever has access to the data and consumer landscape can make disruption. If you get access to that financial transaction data, without really have to spend a lot, most of the business case in the market can get disrupted. So I believe that IP driven data is key for the disruption.”
Stressing on the role of fintech in investment, Ajay said, “the fintech sector banking till date has been on the Forefront of financial disruption. Now the banking sector itself has become very big. It’s very difficult for them to really become agile again and start changing and that’s where we see fin-tech businesses coming in starting to discover. Payment has become relatively mature but when you look at Insurance, lending, or any of the other sectors that are out there, including Investments are still have a scope of disruption.”
Highlighting the role of government as an enabler, Amit affirmed, “When you look at it, what’s been happening over the last 10 years, I think actually the biggest technology disruptor is the government. I don’t think it’s any of the startups. The entire backbone is really being laid by the government. So if you talk about e-KYC, video KYC, UPI, these are the enablers for the fintech industry. The last 10 years was been enabling and the next 10 years is to focus how this money entirely roles and stock market players have a very crucial role to play.”
Source: Business World
